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Is now the right time to buy a vehicle, or is it wiser to wait until the auto market finishes cooling down?

After the pandemic, the market experienced new vehicle shortages and a surge in prices for used vehicles.

Today, it appears that prices for both new and used vehicles are stabilizing. Moving into 2024, prospective vehicle buyers could see a more favorable market, with increased inventory options to choose from and reduced prices for both new and used vehicles.

Whether you’re eyeing a brand-new model or looking to buy a pre-owned vehicle, I’ll explain the current state of Canada’s auto market and what could lie ahead.

How the pandemic affected the auto market

The pandemic severely disrupted the auto industry’s supply chains, leading to production slowdowns and inventory shortages, which was exacerbated by the ensuing chip shortage.

As we emerged from the pandemic, there was a notable improvement in these supply chains, setting the stage for a gradual recovery of the North American auto sector, including Canadian production.

In early 2023, we see a rise in Canadian vehicle sales, indicating signs of recovery. However, the market could still face resistance, with sales volumes expected to lag behind pre-pandemic levels